discount window. so it questions optimism a little bit. >> we're going out on the highs of the session, a gain of 245 points on the dow jones industrial average. that's the first hour of the "closing bell," now here is hour two. >> welcome to "closing bell." maria bartiromo will be joining us soon from italy. a private payroll report is part of a recipe for a big rally today. all of the averages hitting multi-year highs by the close.

all eyes tonight on president obama at the national convention. let's show you near final figures here. we're going out near the highs of the day for all of the major averages. with the do you up, a gain of almost 1.9%. we're just about at that five year high there, aren't we? nasdaq is a 12 year high, and the s&p about a four and a half year high, a 2% gain there. >> investors cheering europe's bond buying plan today. is this market rally here to stay? especially in a months that historically one of the worst months of the year. >> we have our panel to weigh in as we look at our jobs reform tomorrow. meg mcclellin, and rick santelli

is staying late for us. rick, what do you make of the market response today? very dramatic and strong. >> i agree it's government induced, but it doesn't change the fact that everybody in that s&p pit, if they choose to take out their money, their going to get a check. it's real in that regard. i think a better question is one or two years down the road, will spain's unemployment and housing going to catch up with it? and i heard headlines out of spain, rates have dropped, do we even need a bail out, do they not understand what's going on? >> randy, what about you, is europe's crisis really contained? do you buy into this rally? >> we have been listening to this for so long. at least this is a positive move forward. they do a sterilized buy back

and that's important. can this get the individual investor off the sidelines. they have been dealing with low money rates, low treasury bill rates. the stock market has done well this year, we need stimulus to get them off the sidelines and into the markets and this could be the thing. >> meg, you're the head of stixed income there, what do you make of the yields going down there in europe and up in the united states. what happens if the job's number is a solid number tomorrow, do we continue to see rates rise here in the u.s.? >> a lot of the move has been not necessarily on the back of the ecb been on fed expectations. you can price out some of that qe expectation priced into the markets and you will gate softer message from the fed extending zero interest rate policy into 2015. i think it's more focused on the fed and less on the ecb today.

>> now that we know that the ecb says they be in there, we presume, do you buy it? if you're looking for yield, holy smokes. >> i think until we see spain and other countries commit to being engaged in this program, you will see volatility. the yield vs. come down 150 or 250 points. and you would expect to see that roll down. they would roll into that three year maturity. in terms of thinking about waying to get 5% and 6% yields, i think there are better ways to get it. >> keith springer, as randy said, he is wondering when the little guy will want to get back in this market, what about you, there is tremendous skepticism,

are you skeptical or are you in here? >> i would not jump in with both feet right here, but that's the point, this market has everything you need, liquidity andtor sentiment. everybody wants more stimulus, that's what keeps getting promised, and that's what they're looking for. we have nobody believing it on the retail end, bond flows keep going up, we have incredible negative sentiment, a lot of liquidity. >> i hear all of that skepticism, but we're at multiyear highs. >> exactly right, you to be somewhere you don't want to be in the cash or in the bank. that will be the top of the market, when complacency comes in, you will see a turn. i think a bear market starts next year. i don't think we see qe 3 and i

don't think bernanke uses it to push it higher, i think he uses it as a protection against calamity. it is certainly not to make it higher than it is today. >> rick santelli, what are your expectations for tomorrow? >> i think my expectations are for about a $160,000 number tomorrow, and i think the floor is lower around 140. steve leisman says quantitative easing is coming to matter what the data says, i think it's hard to handicap equities, but i think interest rates will be creeping higher near that 180 level. >> i don't know if you heard leisman earlier, he thinks it's coming regard less because bernanke is sees it as way too grave.

what does that mean for yields? >> we had a pretty reasonable number sort november mind. to us, the fed needs to sit back and digest a little of the data coming in. i also tend to think if you look at the last time there was a qe postjackson hole, it was not the next meeting, it was much, much later. so the idea that they will do something is revisionist history. i think they will be in wait and see moment, thinking about the short interest rate. >> thank you for your conversation, take care, see you later, rick, thanks for stays late for us, buddy. >> no lack of cheerleaders for the market today, bob, what a difference a day makes, right? >> put up the full screen and

we'll go through what's going on here. new highs in all of the major indices. a lot of people are interested in what volume really is. i think it will be 15% higher, europe had twice normal volume on all of the major exchanges. short coming was definite part of that value. the dow industrial is now the highest sense september of 2007. the nasdaq a 12 year high. a lot of things like oklahoma builders are also high. very rare day when you see all ten sectors in the s&p 500 up 1% or more. i don't remember the last time that happened, maybe robert hum can tell me. all of the major leaders. that's very unusual. it takes a lot to move these

groups thaup much. finally, short covering a pick factor, etc's that short the market had very heavy volume today. guys, back to you. >> robert thanks you, that's your former producer here, and our unofficial chief statistician. >> thank you, bob. stick with us. >> we have more for you new this action packed version of "closing bell." >> coming up, maria in the middle, live in italy with the very latest details of the ecbs move to shore up europe's fragile economy. and what caused the daem between obama and boehner to collapse. and searching for growth.

googles senior vp weighs in on earnings, ad buying, and the battle against apple, and taxes times, amazon's tax free days coming to an end in california. e on how different asset classes are performing, and it lets you go in for a closer look at areas within a class or sector that may be bucking a larger trend. i'm stephen hett of fidelity investments. the etf market tracker is one more innovative reason serious investors are choosing fidelity. get 200 free trades today and explore your next investing idea. the economy needs manufacturing. machines, tools, people making stuff. companies have to invest in making things. infrastructure, construction, production. we need it now more than ever. chevron's putting more than $8 billion dollars

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welcome back, very good rally today in the u.s. markets, you can just call it from europe as well. >> yes, our maria bartiromo is in italy right now for a key interview. in the meantime, what are you hearing on the day today. >> i'm at the conference, and this is really a gathering of the leadership of europe. you've got the prime minister of italy mario monte coming

tomorrow, the president of the italian republic here, a number of the delegates from the united states and asia as well. the big talk is draghi today. people are happy he did come through with what he said he would. there is a debate on whether it was exactly what we expected or better for the short term, but i really think that is the key. over the short term, people have very, very happy for the ability for stimulus and solve rans and to be able to be accessing this window from the european central bang. longer term is a bigger question. at this point, the next question to ask is who will utilize this program. there is a stigma attached. for example, one leader that i was talking to tonight said to me if spain says we're going to

utilize this, it's an admission. italy, again, a stigma astaffed in terms of utilizing that program. people do not expect the italian government to access this right away. they don't think italy is in the same position at spain. spain needs it more, but that stigma is holding back expectations. so the question now is which country will use it, which will use it right away, and if in fact they will, will that be a negative at some point because of that stigma attached. and that's what a lot of the conversation is about. bill, you and i have had this conversation. the long-term unemployment situation is dreadful in this european zone. >> it's the opposite of the way we handled it in 2008. you had to take the money so

there was no stigma attached. let me ask you maria, mario draghi was clear there was one decenting vote, and we know who that would be, how much of a fly in the ointment could that be. or what about their fears on sovereignty, what's the feeling back there do you think? >> we know that the bank has been the spoiler. we saw that again today, reported today of them saying we do not support this bond buying program. so yes, we still have problems from the germans. at the end of the day, it's about the word kipgs with jermny, maybe the jer mans are not happy about this, but i

don't think they want to be the soul people here. the german people do not want to be on the facebook for these governments spending more and more and more. and i think that's why draghi made it clear there are editions attached. today, i think the bank wants the world to know we're not comfortable with this, but i don't think they'll be a spoiler. people want to see stabilization. >> maria, when it comes to italy, i can imagine a lot of italians saying wait, we've done so many things and now you're asking for more, is that part of it? i imagine a lot of folks say we have done labor reform and all of these things, what do you

frpt us? >> the bottom line here for italy is how many years can you handle austerity. i will see mario monte, and i'm going to ask him how many more years will we be offering austerity in italy. we have seen taxes go up and spending programs cut. how many more years do you need that to happen as far as getting stable gags. t -- stabilization. >> i think at some point something has to give, but right now we're in the middle of austeri austerity, that's the name of the game, and that's what we'll continue to see. for the world believing the world has the conditions under control. it is 9% in italy. youth unemployment even worse.

the euro zone has a big problem over the long term, short term, bond buying seemed to really help. that goes a long way, but at some point you need credibility and a belief in the marketplace and there are fundamental changes being made for the long term to address. >> have a good con vens there in utley. thank you for joins us. >> let me just mention, bill, some of the headlines here. i was just talking to perez a few minutes ago, i spoke to the former ceo of hong kong, and i say how is hong kong doing, and he said we'll be lucky to do

1.5% in year reason last year we did 5%. you have the former president of spain here, the leadership from italy, but really across the euro zone reason leaders are copping together and doing these panels and meetings. so i'll talk to you tomorrow from here at this conference when a have a letter sense of what mario draghi will talk about. it will be important for seeing the reaction. >> that is for sure, thanks, talk to you tomorrow. >> thanks, buy. >> when they're hot, they're hot. financial stocks hotter than the rest of the market today. kayla tausche will run through the leaders next. >> and google, how long can it

last while it battles competitors on multiple fronts. we'll talk with an executive about strategy, patent talks, and other news coming up, stay tuned. plus, the in this story on president obama and house speaker boehner's warm and fuzzy relationship that went south in a hurry. the fist kal cliff sf looming large, will these two be able to mend fences and work it out. merrill lynch has been built. today, our financial advisors lead from a new position of strength. together with bank of america, they have access to more resources than ever before. a steadfast commitment to help you achieve your financial goals in life. that's the power of the right advisor. that's merrill lynch.

financials charging higher, and kayla tausche joins us how with the leader boards. >> you can tell what they think about bank's real about to turn profits and if the global economy sat on it's feet again. they were the most decided sector. you couple it with jobs data, soars expectations and expectations for tomorrow and that's overall good for the sector. you see bank of america up

better than 5%. investors are siting kmk unknowns. and b of a is up 50%. you saw jpmorgan with big trades. in a note this week, even a midweek capital markets activity baseen on european weakness, jpmorgan would be a clear winner. goldman would also be a clear winner from that capital market share. you see the goldman shares up better than 3% today but they rose 25% this year. if slow and steady wins the race, financials could be the biggest winner this year. >> thank you, we're getting an intriguing story out of washington about a moment at the white house that failed and the

consequences turned out to be very dire. pa hampton pearson joins us. >> the price of politics, due out next week, as the famed washington postauthor and editor taking on the congressional republicans over fiscal policy. according to the washington post, would they zero in on fiscal collations by the president and ideas from both parties. he says in the early stages, john boehner told the president lawmakers were working on a bill and would not negotiate with him. according to the post, he says the president is overconfident explaining boehner as he is a golf playing, great smoking

country club person to make deals. he wanted to rattle the president a little into being serious. as voters prepare to listen to president obama's acceptance speech, they might want to know what difference does it make during a second term. >> are they going to be able to work together? >> bob woodward has done it again, huh? >> yes, it's possible that speaker boehner and president obama may have to work together for four more years. we have our next two guests that are both in charlotte for the democratic convention. are we talking about two men that just don't like each other, is it just the position we're in? what are we looking at here,

this discourse? >> both sides really felt burnt by the deal. they both said look, the other guy moved the goal post. they thought they were close to the deal and the other one pulled the rug from underneath them. after that happened, the two really have not worked together all that closely. they have not spent much time developing a relationship, and as we know, in order to get something done in washington, the two sides need to prust each other and there's no signs of them having trust at this point. >> david, let's pretend both win, what does that mean for policy? does that mean we're definitely getting the fiscal cliff? >> i think it's a problem. i think what the president is saying is he is asking voters to send a message. it will give him another boost and a chance to go to congress and say people agree with my

vision. last year, the white house really changed strategies after the collapse of the debt negotiations. the president went on a tour. he said he is a do nothing congress, and that is the campaign the president has run since then. >> here is the thing i have never understand. the congress public approval rating is horrible, especially for how they handle the economy. knowing that, why would anybody in congress continue to -- both sides are to blame for the fiscal problem we have right now. so why wouldn't the speaker want to step up and become a hero and solve this problem by working with the president here? >> they think they're getting a bad deal, a lot of members

individually back home may have higher approval ratings. the problem for boehner is that he has a deal with a very unruly conference. folks that do not want to cut a deal on increase in taxes or a deal. and the same goes for the president. he has to do deal with a caucus that's getting a lot more than what republicans thought he would get. both sides will have to stand up to their bases and there's no seen at this point that either are willing to do that. >> gentleman, did i read correctly that nancy pelosi would mute the president when he would call her and start an impromptu lecture or speech? what does that say about the president working within his own party. >> it's funny, nancy pelosi denies having muted that phone

call. it's true, the president has not spent a lot of time fostering those relationships on the hill. he doesn't have the close ties even money members of his own party. the president has want today do that to make him look better politically as well. >> thank you, both. intriguing storying coming out again, we'll all want to the read i'm sure. >> you would not mute the president, would you bill? >> of course not. google shares soaring, we're going to talk about the growth strategy in the face of stiff competition from the likes of apple and microsoft. >> you didn't ask me, nightmare in california. we're going to debate what will be done to amazon sales. bob...

oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan,

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it's the stock rally that bob pi san any says everyone loves to hate.

bob, is it too soon to pop up the champagne? >> it's the most unloved rally in history, and we're getting people that say we're on new highs in frush strags and anger. we're hitting new highs across the board, december 2007, the last time we had these highs. four and a half, the nasdaq at a 12 year high. and sectors, all ten above 1% in the s&p 500. guys, back to you. >> so motorola unveiled the first set of smart phones with bigger screens, longer battery lives, and this as the competition gets more fierce and the landscape more treacherous. some say that the court loss to apple may be bad news for google

because they may come after google next. we have heard these intriguing stories about maybe some talks between tim cooke at apple and your boss, larry paige about patent lawsuits down the road. >> i've heard about them as well. i think what's going on is phenomenal at this time. we're seeing tremendous amounts of innovation. you have tremendous amounts of user choice out there. i hope we don't get caught up in these scuffles or patents. >> so you don't know if they're trying to alleviate that? >> no, i hope things settle down and we focus on user innovation. >> while we're on it, how you make money in all of your various businesses, you were asked today about larry paige's health, he did not make the

annual meeting, his voice was not good, how is larry paige doing right now? >> he is doing fine. i think as we said before, he's very involved in the way we run the company and all of the big decisions, he is just resting his voice to make sure he can continue to be healthy and good. >> we all remember how apple handled the steve job's health issue, would it be better for a company like google to be more forth coming -- i know i should be asking him, but you're sitting here at this point, should they will more forth coming about his health right now. >> his health is fine. there is no more news, he's running the company and involved in all things. >> okay, where are the greatest opportunities for you right now? as we sit here, and new tablets

are being unveiled, how do you beat that game? >> i think we did a good job launching the nexus 7. people thought there was a contender in the apple space. apple has come out with good products, but the key for us is to get android operating system out there, get lots of people to embrace it, and engulf it with more tablets in the workplace. so far we're excited because consumers seem to have a huge appetite for it, i don't think there has been a more exciting time. >> bezsos said he thinks it's about the services, not the device. what's your strategy in that

regard? >> it's interesting if you think about it, there are two laying over there -- >> which you're impressed with. >> we'll have to get updated in some very short order -- >> but do you need to make a profit on everything you sell? >> look, i think it's important to make sure every dollar of revenue is profitable in the long term. in the short term, if you have to stimulate a market, it's okay to not make tremendous amounts of profit. our point of view is there will be many devices out there in the future. what is most important is that service was need to work se seamlessly. i don't want five devices for five services. we're trying to create service conversion. and there is android based phones and televisions, and hopefully you will start to see

services work seamlessly. >> it quickly becomes a -- >> yeah, i as a user don't want to sign up for six different things every time i get a new device, i just want things to work. we need to focus on service c conversio conversions, and devices will come on your side. i think social networking will be necessary for everyone as some point. we have google maps, google search, or youtube. i think overtime, the web will be more socially annotated. >> just have to figure out how to make money on that as well. thank you for joining us.

tick took on the big job's report out first thing tomorrow morning. we'll have three telling you how they will play it. >> and boom or bust, what will happen to amazon's bottom line when their sales tax kicks in in california next week. and bill clinton doesn't exactly have the cleanest record when this comes to honesty, our scott cohen catches a few fibs from last night's speech. by td ameritrade. wim use the news links breaking stories with possible breakout stocks, options with potential opportunity, futures and forex with in-depth analysis. it's an all-you-can-eat buffet for all things trading. thinkorswim by td ameritrade. it doesn't just deliver news. it's making news. trade commission free for 60 days, plus get up to $600 when you open an account.

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so you probably heard about this kindle fire announcement from amazon, a very big deal. beyond that, amazon enjoying a buying street from consumers in california because of one date, september 15th. that's the day amazon will begin collecting sales tax on it's products. when that happens, what will happen with amazon? >> you would think that would be the case, but max wolf says you can count on it, amazon will be affected, but jay couldn't disagree more, max, it's just a

tax, what kind of impact are we talking about here? >> we have done test cases, this is happened in about 16 other states. consumer goes online for selection, convenience, sexiness, and price. the tax reduces margins on the margin as it were, and this amazon model which is very successful, we like long term, is a razor thing profit margin. >> so you're saying sales will be heard? they will be lower? or simply that amazon will be less profitable. >> people will not buy more because the taxes are up -- >> but will they buy less? >> we don't believe less, but more will go to california and

not amazon. >> one of the things he pointed out was convenience. this is a situation where suddenly it will be more convenient for consumers. it looks bad at first, but it's actually frees up amazon. now they will be able to put distribution centers in these major metropolitan areas, and they're going to be able to start working on something that would be revolutionary and that is same day delivery. >> yeah, they already doing that in new york city i noticed. max, if you want less of something, you tax it, when you

want alcohol or cigarettes, you tack it more, and now there will be taxes on amazon purchases? >> they always had to pay the tax, they just never did. the states and municipalities are in bad shape. i think it fits with amazon trying to shorten that delivery time. this also hits the digital goods. they do have a low margin. and we don't have a federal program here, so so they will have to deal with various state and local regs they have to work out. >> jay, to this point, amazon had a free ride in that regard on taxes. they have been able to take

advantage of that so they can build market share and become this go to retailer, is that going to backfire on them? let's face it, it's inevitable that you pay taxes on items you buy online. >> this will not affect sales, right? you're talking about profits, maybe in the short term it will have an impact, but that's just how amazon always operates throughout the years. it deals with a little set back, profits come down, and then it dirgs out this is what's happening. let's make a lot of money in the new parameters. that's how they operated historically. >> all right, we'll see what happens, september 15, people in california, hurry up before you have to pay sales tax. >> "fast money" begins in a few

minutes, melissa lee has a preview. >> we've seen in financials as well as technologies, and one of the biggest losers of the s&p 500 today. the ceo says verifone is in a great spot, it's been a short that's been working and she will give us a update on that. >> thank you, we look forward to seeing you guys. all eyes on tomorrow's job's number. a trio of wall street's best market jobs will tell you how they plan to play that. plus -- >> for the last two years, health care costs have been under 4% in both years for the first time in 50 years. >> former president clinton last night may have roused the masses in charlotte, but how does it hold up?

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as we all know, former president clinton is widely known for being smooth, but did

he stretch the truth once or twice last night in charlotte, north carolina? scott cohn has been combing through that just as he did during the gop convention. he joins us now with what we found. >> one of the reasons president clinton is so good and so mad tong some is he can tiptoe right up to that line between fact and fiction that less experienced politicians often trip right over. here he is on job growth. >> in the last 29 months, our economy has produced about 4.5 million private sector jobs. >> well, by specifying the time period, mr. clinton's statement is accurate, even if it still ignores prior job losses. in an appeal to young voters, mr. clinton hailed the president's student loan reforms. >> what does this mean? it means no one will ever have to drop out of college again for

fear they can't repay their debt. >> he's referring to an income-based repayment program first passed in 2007, but expanded under obama. but that has barely made a dent in student debt while student tuition continues to soar. there's more. clinton crediting health care reform for a sharp drop in medical costs the experts say probably had more to do with the recession. what about that republican congressman clinton said was blackballed in the for refusing to hate the president? the obama campaign has now identified the congressman as south carolina republican bob englass, who was voted out in 2010 after refusing to call president obama a socialist. he said he didn't need to join the hatred of the president. we also found republican congressman paul ryan quoted last month as saying he doesn't hate democrats, even though he disagrees with them. i think his standing in the party is just fine. remember, we want to hear from to you on twitter or e-mail. we'll be back on fact checking

duty tonight. >> thanks very much. all right. it's all about jobs. three of wall streets finalest investment pros up next. >> stick around because they'll give you the edge on what you need to know to make some extra bucks or two tomorrow. oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. with the fidelity stock screener, you can try strategies from independent experts and see what criteria they use. such as a 5% yield on dividend-paying stocks. then you can customize the strategies and narrow down to exactly those stocks you want to follow.

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all eyes on the all-important jobs number tomorrow. 30 seconds tonight on the clock. our next guests tell us what else they think will move the markets tomorrow. brian, we begin with you. 30 seconds on the clock, what you're watching tomorrow. >> well, obviously the jobs numbers, the big news, especially with the fomc decision coming up next week. watching it closely. there's a big deviation from consensus, it could nudge the fed in one direction or another. this could be a case where in the short term good news is bad news for the markets and bad news is good news in terms of the likelihood of additional easing and the market is looking for a little there. watching that closely tomorrow. >> all right. eight seconds left. good job. stephanie, you're watching tomorrow what? >> of course, the jobs. within the jobs i'm looking at the manufacturing sector. it grew 25,000 last month. we've had a lot of cross currents in manufacturing since then.

i think that's going to be the wild card. then you still have conference season. so granger and honeywell will also present. they'll give us a real tell on the manufacturing tesector. >> wow. you had 15 seconds left. ward, over to you. beat that. >> i think the data will tell us that the labor market is moving in the right direction, but not as fast as the federal reserve would like to see. certainly not meeting bernanke's standard of sustained improvement. so i think the door will be wide open for the fed to continue to ease. they'll push out their guidance in september and finish with an open-ended qe. >> he loi smokes. 17 seconds left. very impressive. thank you. >> big rally today. think about this. as the president gets ready to accept the nomination of his party tonight, the stock market today closed at the highest level of his administration. >> you think he's going to brag about that? >> i doubt it. if he's politically and market savvy, he won't do that.